Both firms have placed their final bids for the stake, which is valued at around 280m (E400m) by the Portuguese state.
M-reals bid is unchanged. If successful, its Home & Office business, including New Thames mill at Sittingbourne in the UK, would transfer to Portucel Soporcel as part of the deal.
Cofina is understood to have altered its bid, which now would lead to 50% of Lecta and 50% of its Silvicaima forestry operation transferring to the Portuguese firm.
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